ORS 457.450
Notice to tax assessor

  • provision for debt retirement
  • distribution of remaining tax increment funds

(1)

Intentionally left blank —Ed.

(a)

ORS 457.440 (Computation of amounts to be raised from property taxes) shall first apply to the assessment roll next following the tax roll referred to in ORS 457.430 (Certification of assessed value of property in urban renewal area) if the assessor is provided notice of a plan adoption or amendment changing area boundaries by the agency prior to January 1 before the tax year to which the plan first applies.

(b)

If the assessor is not provided notice of plan adoption or amendment changing area boundaries by the agency prior to January 1 before the tax year to which ORS 457.440 (Computation of amounts to be raised from property taxes) would otherwise first apply, then ORS 457.440 (Computation of amounts to be raised from property taxes) shall first apply to the assessment roll next following the assessment roll described in paragraph (a) of this subsection.

(2)

When the principal and interest on the maximum indebtedness of an urban renewal plan to which the portion of taxes is irrevocably pledged for payment under ORS 457.435 (Property tax collection methods for existing plans) or 457.440 (Computation of amounts to be raised from property taxes) is fully paid, or it is found that deposits in the special fund are sufficient to fully pay principal and interest on the maximum indebtedness either through direct payment of the indebtedness or by payment of principal and interest on bonds or notes issued to finance the indebtedness, the agency shall notify the assessor of that fact.

(3)

All moneys remaining unexpended from the special fund provided for in ORS 457.435 (Property tax collection methods for existing plans) or 457.440 (Computation of amounts to be raised from property taxes), after payment of all the principal and interest on indebtedness is provided for, shall be turned over to the county treasurer by the agency and prorated by the treasurer back to the taxing districts in which the area, or part thereof, is located, in proportion to the amount of money in the fund attributable to each taxing district for the last fiscal year in which tax levy moneys were paid into the special fund of the agency under ORS 457.435 (Property tax collection methods for existing plans) or 457.440 (Computation of amounts to be raised from property taxes). [1961 c.554 §6; 1971 c.426 §1; 1979 c.621 §27; 1991 c.459 §335b; 1997 c.541 §450; 2009 c.700 §5]

Source: Section 457.450 — Notice to tax assessor; provision for debt retirement; distribution of remaining tax increment funds, https://www.­oregonlegislature.­gov/bills_laws/ors/ors457.­html.

457.010
Definitions
457.020
Declaration of necessity and purpose
457.025
Powers supplemental to other laws
457.035
Urban renewal agencies
457.045
Election of method of exercise of urban renewal agency’s powers
457.055
Transfer of urban renewal agency powers
457.065
Advisory board for housing authority acting as urban renewal agency
457.075
Termination of urban renewal agency
457.085
Urban renewal plan requirements
457.087
Report required to accompany proposed urban renewal plan
457.089
Urban renewal plan and report to planning commission and affected taxing districts for recommendations before approval by municipality
457.095
Approval of plan by ordinance
457.105
Approval of plan by other municipalities
457.115
Manner of newspaper notice
457.120
When additional notice required
457.125
Recording of plan upon approval
457.135
Conclusive presumption of plan validity
457.160
Exceptions to plan requirements for disaster areas
457.170
Urban renewal agency’s powers in planning or undertaking an urban renewal project
457.180
Powers of urban renewal agencies in general
457.190
Acquisition of funds by urban renewal agency
457.210
Applicability of housing cooperation law to urban renewal projects
457.220
Plan amendment
457.230
Disposition of land in urban renewal project
457.240
Tax status of land leased under a plan
457.320
Municipal assistance under plan
457.420
Plan may provide for division of property taxes
457.430
Certification of assessed value of property in urban renewal area
457.435
Property tax collection methods for existing plans
457.437
Consultation with municipalities
457.440
Computation of amounts to be raised from property taxes
457.445
Consolidated billing tax rate
457.450
Notice to tax assessor
457.455
Limiting collections
457.460
Agency financial statement required
457.470
Modification of assessed value
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